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The price of Fleetwood Enterprises Inc. stock climbed 75 cents, or 18%, higher today (Sept. 5) because the company issued a quarterly earnings report that was much better than stock market analysts had been expecting.
Fleetwood, a New York Stock Exchange-listed company, reported a net loss of $1.5 million, or 4 cents per share, for the quarter ended July 28. But market analysts, on average, anticipated Fleetwood would report a loss of 22 cents a share for the May-through-July period, according to CBS MarketWatch.
Ed Caudill, Fleetwood’s new president and CEO, also said today that he believes Fleetwood will report a net profit for the second quarter of its fiscal year 2003, which will end in late October. Market analysts had been forecasting a net loss of 10 cents a share for Fleetwood during its second fiscal quarter.
Today’s 75 cents a share gain means Fleetwood stock closed at $4.95. That’s well below Fleetwood’s 52-week high of $14.41 a share, but Fleetwood’s stock sunk to a 52-week low of $2.37 a share less than a month ago, on Aug. 12.
That means anyone smart or lucky enough to have purchased Fleetwood stock near its low of $2.37 would have more than doubled their money in less than a month, at least as of today’s closing price.